For single family homes SOLD in the Truckee / Lake Tahoe area, total active declined 6% from January to February, and actual sales prices were up, both average prices (+10%) as well as median prices (+24%). For condos/townhomes, total active inventory declined by 4%, average sales prices were down 12%, but median prices were up 8%. Much of the limited, new inventory coming on the market is snatched up quickly as there is a pent-up demand from buyers who have missed out in previous multiple-offer situations. We anticipate this will continue for at least the next couple of months as we don’t expect any substantial increase in inventory until the winter ski season is over and inventory that has been on ski leases possibly comes on the market.

Market Profile Report – Truckee/Lake Tahoe

I hope this information is useful to you in your decision making process for buying or selling a home. Please contact me for more market statistics or market information.

Million Dollar Home Sales in Lahontan in Truckee CA are on a record setting pace!

In the resort community of Lahontan in Truckee CA, home sales are surpassing years past in the first month of 2013. An average of 1 house a month has sold in the community for the last 7 years. In the month of January of 2013 we have 2 properties that have sold and 5 the will close by the 15th of February.

Lahontan Home Sales from 2005 - 2012

Prices have been low along with sales in the high-end real estate market. But things are changing fast, both price and sale are on the rise in all of the Truckee / Lake Tahoe Million Dollar Markets.

Here is a CMA in Lahontan on sales starting the 1st of the year with 2 sold, 5 Pending and only 9 Actively For Sale properties. Low inventory with high demand is creating a Sellers Market.

In Tahoe Donner, one of the largest resort community in Truckee, CA. Real Estate Inventory (Homes For Sale – Single Family) has been very low for most of the year and 2013 is starting off in the same direction. Sales are moving in the opposite direction and have increased by 26% from 2011 to 2012. The total number of sales in Tahoe Donner for the year of 2012 was 270 for SF properties. Compare that with 2011 the number was 215 Single Family properties sold. Indicating that the real estate market in Tahoe Donner is definitely picking up.

Lots of Buyers are sitting on the side line ready to buy, the problem has been in all of the Tahoe Sierra MLS is lack of inventory.

Inventory Status in Tahoe Donner:

Currently in Tahoe Donner we only have 4 properties for sale in the price range up to $399,000 and based on the number of units sold in this price range they will be gone before the end of the month.

Prices from $400,000 – $499,000 we have 3 months of inventory with 15 properties for sale.

Prices from $500,000 – $599,000 we only have a little over a month of inventory with 6 properties for sale.

Prices from $600,000 – $699,000 the same as above, only a month’s worth of inventory with 3 units.

Prices from $700,000 – $799,000 we have 8 units for sale with 4 months of inventory.

Prices from $800,000 – $999,000 is where we have the most properties for sale with over 13 homes, this is almost a full years of inventory (houses just aren’t moving in this price range)

Prices over $1,000,000 we only have 2 properties for sale

If you’re a Buyer now is the time to make an offer if you see what you like. If you’re a Seller and want to sell your house quick give me a call! I live in Tahoe Donner for over 15 years so I know the market.

Home sales are up as much as 50% in some areas of Truckee/Lake Tahoe but the Median price is down. This could indicate that market is still dropping, but could be leveling out is some markets. Sales Activity is strong, buyers are seeing the opportunity to buy with falling home prices combined with low interest rates. Inventory levels around Truckee and Tahoe Donner are still low, so if you’re thinking about selling this could be a good time to put your house up for sale.

In the last month REO (Bank Owned Property/Foreclosures) and short sale listings are down in both categories. But if you look at single family homes, inventory is up slightly, whereas condos/townhomes is down.

Single Family:

565 total active/active-contingent listings (up 4% from a total of 542 a month ago)

97 REO/SS = 17% (down 9% from a total of 107 a month ago)

21 REO (down 13% from a total of 24 a month ago)

76 SS, of which 70% have offers working (down 8% from a total of 83 a month ago)

Single Family:
• 571 total active/active-contingent listings (down 9% from a total of 630 a month ago)
• 124 REO/SS = 22% (down 13% from a total of 142 a month ago)
• 27 REO (down 25% from a total of 36 a month ago)
• 97 SS, of which 59% have offers working (down 8% from a total of 106 a month)

Condos/Townhomes:
• 231 total active/active-contingent listings (down just 1% from a total of 233 a month ago)
• 32 REO/SS = 14% (down just 9% from a total of 35 a month ago)
• 6 REO (down 33% from a total of 9 a month ago)
• 26 SS, of which 62% have offers working (no change from last month)

Although there’s not a significant change in the condo/townhome statistics for distressed properties (except for 1/3 less REOs), on the ‘single family’ front, this is 2 months of significant drops in number of REO/Short Sale properties on the market. At the beginning of December, there were a total of 171 single family REO/SS listings (active and active-contingent); today there are 124, a 27% drop. Twould be nice if this were a trend!